Core Insights - A bipartisan bill introduced by Senators Adam Schiff and John Curtis aims to restrict prediction market platforms like Kalshi and Polymarket from allowing users to wager on sports events or engage in casino-style games [1][4] - The bill does not affect platforms like FanDuel and DraftKings, which operate under state gambling laws rather than federal regulations [1] Industry Context - The gambling landscape in the U.S. has evolved significantly since a 2018 Supreme Court ruling that enabled states to legalize sports betting, with total sports wagers increasing from $4.9 billion in 2017 to $121.1 billion in 2023 [3] - Major professional sports leagues have established contracts with gambling companies, despite ongoing concerns about gambling-related issues among athletes [3] Regulatory Environment - Prediction markets such as Kalshi and Polymarket are regulated by the Commodity Futures Trading Commission (CFTC), allowing federal oversight, which the bill seeks to leverage [4] - The senators argue that there is little practical difference between federally and state-regulated sports betting [4] Market Impact - Kalshi's trading volume for the Super Bowl exceeded $1 billion this year, marking a 2700% increase year-over-year [4] - A spokesperson for Kalshi claims that the proposed bill would hinder competition and drive users to offshore markets [7] Social Concerns - Senator Curtis highlighted concerns about gambling addiction, noting a 61% increase in online searches for gambling addiction help since the availability of online sportsbooks [6] - The bill is perceived by some as being influenced by casino interests that feel threatened by competition from prediction markets [8]

Kurt Freudenberg remembers the rush of placing bets. >> It's just like the most insane dopamine rush. It's like it's it's I can compare it to like crack cocaine. It's like ridiculous.>> An addiction the San Francisco native says started at 11 years old. Gambling first with online casino games like blackjack or roulette before escalating to thousands of dollars on sports from the NBA and NFL to horse and dog racing. How restrictive did the addiction become in your day-to-day life.>> I was only thinking about ...

It is arguably the biggest three weeks in Americacan sports. The NCAA tournament tips off this Thursday and while millions of fans will be filling out office pools. Millions more will be placing bets on phones, laptops and tablets all across America.It is estimated that $3 .3 billion will be waged on tournament games across American sports books. Once a fringe cultural sports betting has now grown into an all-consuming part of American athletics. It has also led to a rise in gambling addiction, online haras ...

South Africa's appetite for betting is growing fast, according to the National Gambling Board, gross gambling revenue surged nearly 26% in the last financial year, driven largely by bookmakers and online platforms, which are now the dominant force in the industry. Stats South Africa data shows. Gambling and betting have expanded rapidly in recent years and now account for just over a third of income generated in the personal services industry.And as the money accelerates and betting embeds itself deeper int ...

On this edition of Next Africa, we take a closer look at how the continent is becoming a betting powerhouse, fueled by rapid digital adoption and a growing sports audience. As the pot sweetens, international companies are placing big bets on Africa. Super Group CEO outlines what they see as the long term payoff.And the regulation debate. Can governments keep pace as the stakes rise amid growing concerns around oversight, consumer protection and the risks that come with an industry expanding at breakneck spe ...

Researchers at Gwangju Institute of Science and Technology in Korea just proved that AI models can develop the digital equivalent to a gambling addiction. https://t.co/58OGXXGak2 ...

60 Minutes Rewind. Next Sunday on CBS, the Super Bowl will for the first time be held in Las Vegas, a fitting venue given the prominent role gambling plays in sports today. America's recently brought its age-old love of sports betting out of the shadows and onto our phones.And this has created an all-time mismatch, pitting man against machine. Gamblers, overwhelmingly young men, versus gambling companies armed with sophisticated AI, data, and engineering, enticing fans to make snap bets not just on games, b ...